Silvarom revises forecasts downward

Furniture maker Silvarom Bucharest, one of the leading players on the local furniture market, has announced that it has revised its financial estimates for this year downward due to poor results from exports in this period. The company’s announcement comes shortly after a similar statement made by Mobexpert, the biggest player in the industry. Whereas at the beginning of this year, Dan Sucu, chairman and majority shareholder of Mobexpert, had estimated a 10-15% higher turnover than in 2005, he has now lowered his estimates to under 10%. “Results in the first half of the year have changed estimates significantly for the whole year, possibly resulting in us having to revise 2007 estimates, too,” Ioan Marginean, financial manager of Silvarom, explained to ZIARUL FINANCIAR. He said that Silvarom’s turnover would go down by more than 10% this year, but that the new forecasts had not been finalised yet.